Intesa and EIB agree on €670m financing to Italian businesses

The European Investment Bank (EIB) and Italy’s Intesa Sanpaolo Group have signed six new agreements to provide medium and long-term financing of €670m to Italian businesses.

“This initiative reflects the close relationship between the EIB and Intesa Sanpaolo and is ultimately intended to strengthen the support offered to Italy’s productive sector, to mitigate the effects of the financial crisis and help with the incipient recovery process,” Intesa Sanpaolo said in a statement.

Six sectors were identified for lending that will involve in particular a number of the Intesa Sanpaolo Group companies.

In addition to the finance for small and medium-sized enterprises and mid-caps, some of the loans will be made available for social activities and the tertiary sector via Banca Prossima, some for investment by businesses in renewable energy programmes, and some for financing enterprise networks.

“Cooperation with the Italian banking system is key for channelling EIB finance into the productive sector. With these operations Intesa Sanpaolo is strengthening its role as our strategic partner not only in Italy but also in the foreign markets where it has its own network,” said Dario Scannapieco, EIB Vice-President with responsibility for operations in Italy, Malta and the Western Balkans.

Enrico Cucchiani, chief executive at Intesa Sanpaolo added that the new medium and long-term lending agreements have a very specific goal.

“Concentrating our efforts and energies on the growth of small and medium enterprisess, which are still the bedrock of Italy’s productive industry. Through concrete action focused on obtaining optimal results, Intesa Sanpaolo is thus continuing to support the sectors that are key to our country’s innovation process.”